RA's

[ralfieboy]

Hi all

When do one have to cancel an Retirement Annuity when in SA and whats the most effective way to do this?

Thanks

[HadEnoughofJuju]

Hey there. There are only three ways to cancel an RA in South Africa. Turn 60, Die or Formally Emigrate. The best way to find out what needs doing for the formal emigration process is to contact either Exchange4Free or CashKows and ask them, they should be able to assist with the process or at least get you started.

[Brad76]

You can convert an RA to paid up at any point, if you feel that contributing any further is a waste contact your broker, just be aware that there are costs which come off the invested amount. Accessing the funds is a different story and HEOJJ listed the alternatives above

[RichardH]

With regards to the formal emigration option, if your financial state is quite simple and you only have RAs to deal with , (no trusts etc) then it is possible to do all this yourself and I would recommend you do it (or at least most of it) before leaving SA, especially the tax clearance from SARS for emigration. Search the forums for DIY formal emigration. It takes a lot of patience and time (took me 4 months) but can be done DIY. If not then you can pay someone to do it for you.

[Hugo2]

With regards to the formal emigration option, if your financial state is quite simple and you only have RAs to deal with , (no trusts etc) then it is possible to do all this yourself and I would recommend you do it (or at least most of it) before leaving SA, especially the tax clearance from SARS for emigration. Search the forums for DIY formal emigration. It takes a lot of patience and time (took me 4 months) but can be done DIY. If not then you can pay someone to do it for you.

Just make sure the tax clearance pot dates the SARB approval ie you need both SARB and SARS approval before you leave. Only a SARS tax clearance prior to the departure is also not a good idea! Furthermore on arrival make sure you get your ATO tax number and have them issue a TRC (tax residency certificate) as you chose this route. Interestingly enough if you file for RA encashment, SARB and SARS approval all at the same time (assuming no other assets) post departure, then you do not need a TRC. So RichardH although I agree with you that is but one route, there is an easier post departure route.